AMFE Completes Multi-Year Audit; Uplist to OTCQB imminent
Toronto, ON, Sept. 13, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Amfil Technologies Inc. (OTC:AMFE) is pleased to announce that our company auditors, RBSM LLP, have completed and signed off on the multi-year audit of the company's financial statements. The company has submitted the required information with the OTC Markets Exchange to up-list from OTC Pink to the OTCQB Venture Market. The company is hopeful that through continued advancement and expansion, a second up-list will occur to the OTCQX Exchange later this year.
The audit completion and approval by RBSM LLP, provides third-party verification as to the accuracy of the company's financial statements. The audit provides further evidence of the company's success and exponential growth over the past two years and highlights the enormous growth potential soon to be realized. It is expected that the audit completion and subsequent tier up-list will provide an enhanced sense of confidence to our current and potential shareholders moving forward.
Key adjustments in the audited statements include:
· Audited revenues for fiscal 2017 now shows a total of $8,168,251, a difference to the upside of $1,637,278 compared to the unaudited statements previously filed showing $6,530,973. This was due to an inputting error that consolidated certain transactions using only the net revenues as opposed to both the gross and the net.
· There was a reduction in Net Income due to a large game development profit being pushed into Q1 2018, as well as some Interloc-Kings Inc sales being written off. This resulted in an operating loss of $309,761. Legitimate arguments could have been made to retain the income on the financial statements, however, due to the additional time required to complete the adjustments to support the transactions, the company felt the cost would outweigh the benefits and would be immaterial to the company's long-term success and shareholder value.
The audited financial statements can be viewed here https://www.otcmarkets.com/stock/AMFE/disclosure
The audit process took longer than originally anticipated due to the high volume of transactions over multiple subsidiaries and their related business divisions. We appreciate the support and confidence from our loyal shareholder base and we are excited to move forward with a number of positive growth initiatives to further increase shareholder value.
The audit completion and upgrade to the OTCQB Venture Market will provide shareholders greater transparency, open the stock up to new market makers, and attract new larger private and institutional investors that were previously unable, or unwilling to invest in unaudited companies. Meeting/exceeding the increased compliance and informational requirements of the OTCQB Venture Market confirms and ensures the company's commitment to transparency and should provide current and potential shareholders the utmost confidence in the information and disclosures provided by the company.
The company has submitted the required documentation to OTC Markets to uplist to the OTCQB Venture Market and anticipates the uplist to be approved and completed in the coming weeks. Benefits of listing on the OTCQB Venture Market include:
· Increased transparency for shareholders and the investment community
· Free in-depth Level II stock quotes for investors
· Potential for additional market makers (There is a fee to quote OTC Pink stocks. It is free for market makers to quote stocks listed on the OTCQB Venture Market)
· Ability to reach a broader audience of retail and institutional investors who require potential investments to be audited and current with their reporting requirements.
· Increased "visibility" through the various awareness platforms provided by the exchange, such as the OTCQB Podcast, Newsletter, Website, and Social Media Platforms.
The company has worked out an agreement with OTC Markets where payments made to the exchange will be pro-rata and applied to the application and listing fees if/when a second uplist occurs this year to the OTCQX Best Market.
Further, the completion of the audit and subsequent uplist will allow for the previously announced spinoff of the Interloc-Kings Inc. subsidiary. In conjunction with the spin-off, shareholders will be awarded with a special dividend in the newly formed entity based upon their holdings in Amfil Technologies Inc ( AMFE ). This initiative has been developed to fuel the growth for each subsidiary and will provide a well-deserved bonus to the shareholders who have held strong and supported us through this period of growth and development. Specific details relating to the spinoff, including the record-date, plans for the new entity, and awarded share ratios of the special dividend will be announced in a future press release.
"It has been a long and arduous journey. I would like to thank our shareholders for their patience and support during this stage in the company's development," stated Roger Mortimer, CEO. "I was blessed to receive words of encouragement and support throughout the extended audit period which were of huge value. I would like to once again reaffirm my vow to do everything in my power to deliver increased value back to our loyal shareholders and ensure that the wait was well worth it!"
The company continues to execute on a number of exciting initiatives. Further updates can be expected in the coming weeks as the company continues to accelerate forward with its growth and expansion strategy and deliver maximum value back to its shareholders.
For further updates from the company please follow us on Twitter @AmfilTech
For more information regarding the company, and its related subsidiaries please visit the following websites:
Amfil Technologies Inc www.amfiltech.com
Snakes & Lattes Inc. www.snakesandlattes.com
GRO3 Joint Venture http://gro3systems.com/
Natural Stuff Inc. https://www.naturalstuffinc.com/
Interloc-Kings Inc. http://www.interloc-kings.com/